When Farmers National Co. sold another 80-acre Sioux County, Iowa farm for $20,300/acre this month, you could chalk it up as another trophy sale. The buyer won't necessarily expect a competitive return on investment anytime soon.

Local Dutch farmers still possess plenty of cash, feel prime farmland remains scarce and are willing to pay premiums for certain properties (usually when bidding against the farmer next door).

"If anyone spends $20,000/acre on Iowa farmland, it's in Sioux County," says Dave Englund, a senior vice president with Farmers National. However, the same week a similar farm brought only $9,500 to $10,000/acre, which ...

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